System and method for facilitating a wireless financial transaction

ABSTRACT

A method for executing a wireless trade is provided that includes communicating with a handheld device via a wireless network and sending and receiving financial information to and from the handheld device. The financial information is associated with a trade that can be initiated by the handheld device. The method also includes authorizing the handheld device through location data, which is associated with a location of the handheld device, before executing the trade.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is a continuation of U.S. patent application Ser. No.13/617,053, filed Sep. 14, 2012 which is a continuation of U.S. patentapplication Ser. No. 13/329,950, filed Dec. 19, 2011, which is acontinuation of U.S. patent application Ser. No. 10/965,582 (now U.S.Pat. No. 8,086,519), filed Oct. 14, 2004, the disclosures of which arehereby incorporated by reference herein in their entireties.

TECHNICAL FIELD

The present invention relates generally to the field of communicationsand, more particularly, to a system and method for facilitating awireless financial transaction.

BACKGROUND

Financial markets generally afford the opportunity for investors topurchase an asset in order to achieve some degree of profitability.Investment vehicles such as stocks, trusts, mutual funds, pension funds,money markets, and bonds represent example investment instruments thatoffer investors a choice for allocating capital.

In many (but certainly not all) trading environments, trades take placein a trading pit where a face-to-face encounter occurs. This is wherebuyers and sellers physically converge on the specialist who matchesbuyers with sellers. However, electronic communications (via computers)play a big part in the trading process. All trades are “auctions.” Thereis no set price, although the last trade is often considered to be the“price” of a stock. In reality, the price is the highest amount anybuyer is willing to pay at any given moment. When demand for a certainstock is high, the various buyers bid the price higher to induce sellersto sell. When demand for a stock is low, sellers must sell at lowerprices to attract buyers and the price drops.

Once a trader is duly authorized in any given system, traders can thenbegin feeding trade requests to the trading pit such that their proposedtransactions can be secured. In most scenarios, traders are simplyaccommodating the needs of their clients or customers who are seeking topurchase or to sell a given commodity. Note that the trader's actual“trading desk” can be quite comprehensive, as well as restricting andcumbersome. Traders are normally equipped with a number of phone lines,as well as a number of data feeds that allow the given trader to beaware of market prices, market actively, and news that may affect themarkets. This information is exceptionally time sensitive, as real-timedata represents a powerful tool for any successful trader. In addition,such data feeds need to effectively transport corresponding market data:maintaining the integrity of the information as it propagates across thenetwork. Potentially millions of dollars (involved in a single trade)lie in the delicate balance, as even the smallest computational error oreven the most minor data corruption could spell financial disaster forthe associated trader.

Hence the ability to offer a convenient and an effective platform forexecuting optimal trading presents a significant obstacle for systemdesigners, network architectures, and component manufacturers.

SUMMARY

Due to a variety of factors, Internet-based electronic financial systemsmay have a number of undesirable aspects. For example, the Internetlacks the security necessary to ensure confidence that operation of anelectronic financial system will proceed without the possibility oftampering or corruption. An operator of an Internet financial system isvulnerable to hacking, viruses, fraud, and other shortcomings associatedwith conducting business over the Internet. Users of Internet-basedsystems often lack confidence that their financial transactions aresecure, that they will be properly authenticated, and that their privacywill remain intact. Moreover, the use of the Internet does not providelocation verification suitable to ensure that a user is within anapproved financial area.

In one embodiment, a method for executing a wireless trade is providedthat includes communicating with a handheld device via a wirelessnetwork and sending and receiving financial information to and from thehandheld device. The financial information is associated with a tradethat can be initiated by the handheld device. The method also includesauthorizing the handheld device through location data, which isassociated with a location of the handheld device, before executing thetrade.

In a more particular embodiment the present invention, a method isprovided that includes authorizing the handheld device for a tradethrough location data, which is associated with a location of thehandheld device, before executing the trade. Authorization of a givenend user may be achieved via any suitable element (e.g. a phone ID, asystem ID, an application ID, a tradedesk verification mechanism, a userID, a picture ID, a biometric parameter, etc.) and be accorded variouslevels of security.

Various embodiments of the present invention may benefit from numerousadvantages. It should be noted that one or more embodiments may benefitfrom some, none, or all of the advantages discussed below. One advantageassociated with the proffered architecture is that it enables remote,wireless, and mobile financial transactions over a secure network. Thearchitecture also achieves remote, wireless, and mobile capabilitieswhile preventing access to unauthorized users, providing a secureconnection and preventing the execution of financial transactions fromunauthorized locations. The system also includes a number of financialcommunication devices for a group of end users: the devices beingconnected to a communication network, whereby a portion of thecommunication network is mobile. This provides greater flexibility tothe traders, as they are afforded the opportunity to execute theirtransactions in any number of acceptable environments.

Still another technical advantage of the present invention relates tothe combination of a secure and a private wireless network that is usedto determine the precise geographic location of traders. This in turnallows the architecture to determine whether or not trading is permittedfrom their specific location. The system can facilitate and expeditetrading from permitted locations and preserve the audit trail of allkeystrokes for all participants.

Certain embodiments of the present invention may enjoy some, all, ornone of these advantages. Other technical advantages may be readilyapparent to one skilled in the art from the following figures,description, and claims.

BRIEF DESCRIPTION OF THE DRAWINGS

For a more complete understanding of the present invention and forfurther features and advantages, reference is now made to the followingdescription, taken in conjunction with the accompanying drawings, inwhich:

FIG. 1A is a simplified block diagram that illustrates a conveniencefinancial system according to an embodiment of the present invention;

FIG. 1B is a simplified block diagram that illustrates a component thatmay be included within the system of FIG. 1A;

FIG. 2 illustrates a convenience financial system with a wirelessnetwork according to an embodiment of the present invention;

FIG. 3 is a block diagram of a convenience financial system illustratingvarious financial activities in accordance with an embodiment of thepresent invention;

FIG. 4 illustrates a convenience financial system showing examplecoverage areas in accordance with an embodiment of the presentinvention;

FIG. 5 illustrates a convenience financial system with a wirelessnetwork showing triangulation location determination in accordance withan embodiment of the present invention;

FIG. 6 is a simplified flowchart depicting example steps in aconvenience financial method according to an embodiment of the presentinvention;

FIG. 7 depicts a convenience financial system showing an examplecommunication path in accordance with an embodiment of the presentinvention; and

FIG. 8 illustrates a ship-based convenience financial system inaccordance with another example embodiment of the present invention.

DETAILED DESCRIPTION OF EXAMPLE EMBODIMENTS OF THE INVENTION

FIG. 1A is a simplified block diagram of a convenience financial system10 that offers an opportunity for mobile traders to engage in anyfinancial market environment. Financial system 10 comprises multiple endusers 12 who may be using any suitable device such as a handheld device11, which is illustrated in FIG. 1. FIG. 1 may also include acommunications network 18, an administrator module 22, a financialservice provider element 26, and a financial market data element 30. Thehandheld device may include a user interface that may include a numberof elements that offer connectivity for one or more end users 12 toother elements within financial system 10.

In accordance with the teachings of the present invention, financialsystem 10 provides a convenience financial system enabling participantsto engage in financial activities from remote and/or mobile locations.The possible financial activities include trading, such as that which isoffered by any number of financial markets. Trading activities mayinclude any suitable financial transactions including, but not limitedto, trading securities (both long and short positions), trading futures,trading bonds, trading commodities, trading in money markets, or tradingin any other appropriate asset class. Trading may be placed in anysuitable financial market, such as the FTSE, the German DAX, the FrenchCAC, the NASDAQ, the American Exchange (AMEX), the New York StockExchange, the Nikkei, the bond or treasury markets, and the Hang SengIndex, for example. Other financial markets could readily beaccommodated by financial system 10.

The architecture of financial system 10 offers the combination of asecure and a private wireless network that is used to determine thegeographic location of traders. This in turn allows the architecture todetermine whether or not trading can be executed from their location.The system can facilitate and expedite trading from permitted locationsand preserve the audit trail of all keystrokes. The system tracks thelocation of the trader, recognizes the identity of the trader,facilitates and expedites trading activity from permitted locations, andprohibits trading from unauthorized and/or prohibited geographiclocations. Access points are used to grant access to the network for theend user of handheld device 11. In addition, any suitable market data,as well as bond and treasury information, may be provided to an end userin real-time such that optimal trading is achieved for any selectedindividual.

Convenience financial system 10 may be implemented over communicationsnetwork 18, which could be a cellular network or a private wirelessand/or wireline network. Examples of the latter include WiFi and WiMaxnetworks. In one embodiment, the convenience financial system operationuses the Internet, such that information for which there are no securityissues present is transmitted via the Internet, whereby information maybe suitably encrypted where appropriate. Preferably, the communicationsnetwork enables traders to participate in financial activities fromremote locations (e.g., outside of the designated financial area of awork domain or a marketplace). Also, the system may enable traders to bemobile during participation in their financial activities. Preferably,the system has a location verification or determination feature, whichis operable to permit or to prohibit financial activities from theremote location: depending upon whether or not the location and theindividual meet one or more criteria. The criterion may be, for example,whether the individual is duly authorized for the trade and whether thelocation is within a pre-defined area in which financial activities arepermitted.

Note that the present architecture offers considerable flexibility andconvenience for one or more traders. As can be readily appreciated, agiven trading desk is comprehensive. A trading desk setup may includemultiple trading screens that allow for a trader to be provided withreal-time information such that effective trading can be executedquickly and accurately. Thus, moving such a trading station is notmerely accomplished by packing up a laptop and migrating to a newlocation. Moving employees (who are engaged in the process of tradingsecurities, commodities, etc.) to a new location can be an arduous task.This is because considerable energies are spent in coordinating a movefrom one location to another. In contrast to such labor-intensiveordeals, the present architecture can simply assign an IP address to agiven end user and have that IP address track the end user to anysuitable environment. Thus, a given end user could log onto a givennetwork at various locations within a coverage area: granting him theflexibility to transact his financial trading without being encumberedby authorization limitations or boundary restrictions.

As shown in FIG. 1A, in an example implementation, convenience financialsystem 10 includes at least one end user 12. The system may includeadditional users such that there is at least a first end user and asecond end user. Multiple users may access a first financial system 10,while other multiple users access a second financial system (not shown)in communication with first financial system 10. In operation, end users12 preferably access system 10 by way of handheld device 11 (e.g. anysuitable device for transmitting and receiving electronic communicationssuch as mobile phones, personal data assistants (PDAs), computers,mini-computers, etc.). Authorization of a given end user may be achievedvia any suitable element (e.g. a phone ID, a system ID, an applicationID, a tradedesk verification mechanism, a user ID, a picture ID, abiometric parameter, etc.) and be accorded various levels of security.In this example scenario, end user 12 communicates his ID and theapplication ID in order to achieve appropriate authorization. Financialcommunication devices transmit and receive financial information to andfrom communications network 18. Financial information is alsotransmitted between communications network 18 and a computer, which mayreside within (or included in the domain of) financial service providerelement 26. The location of the computer is not critical, however, andthe computer may reside adjacent to or be remote from the domain offinancial service provider element 26. The computer and/or financialservice provider element 26 may reside within, adjacent to, or remotefrom a financial provider (not shown in FIG. 1A). The financial serviceprovider may be an actual controller of trading, such as eSpeed, Inc. Asan example, a financial service provider may be located on the groundsof a building in New York, N.Y.

In one example embodiment, software resides on both handheld device 11being operated by end user 12 and financial service provider element 26.Software resident on handheld device 11 is preferably operable topresent information corresponding to financial activities to the enduser. The information includes, without limitation, graphicalrepresentations of objects associated with the trading activities, andpresentation of options related to the trading activities selected bythe end user. The financial communication device software is alsopreferably operable to receive data from the computer and data input bythe user. Software resident on the computer is preferably able toexchange data with the financial communication device, access additionalcomputers and data storage devices, and perform all of the functionsdescribed herein as well as functions common to known electronicfinancial systems.

Financial information transmitted across communications network 18 mayinclude any information, in any format, which is necessary or desirablein the operation of the financial experience in which the userparticipates. The information may be transmitted in whole, or incombination, in any format including digital or analog, text or voice,and according to any known or future transport technologies, which mayinclude, for example, wireline or wireless technologies. Wirelesstechnologies may include, for example, licensed or license-exempttechnologies. Some specific technologies which may be used include,without limitation, Code Division Multiple Access (CDMA), Global Systemfor Mobile Communication (GSM), General Packet Radio Service (GPRS),WiFi (802.11x), WiMax (802.16x), Public Switched Telephone Network(PSTN), Digital Subscriber Line (DSL), Integrated Services DigitalNetwork (ISDN), or cable modem technologies. These are examples only andone of ordinary skill will understand that other types of communicationtechniques are within the scope of the present invention. Further, itwill be understood that additional components may be used in thecommunication of information between the users and the financial server.Such additional components may include, without limitation, lines,trunks, antennas, switches, cables, transmitters, receivers, computers,routers, servers, fiber optical transmission equipment, repeaters,amplifiers, etc.

In at least one embodiment, the communication of financial informationtakes place without involvement of the Internet. This has an advantageof avoiding the security problems, which typically arise when conductingbusiness over the Internet. However, in certain embodiments, a portionor all of the financial information may be transmitted over theInternet. Also, some or all of the financial information may betransmitted partially over an Internet communications path. In certainembodiments, some information is transmitted entirely or partially overthe Internet, but the information is either not financial information oris financial information that does not need to be maintained secretly.

End users 12 are clients, customers, prospective investors, or entitieswishing to place a trade. End users 12 may also seek to access or toinitiate a communication with a user interface that may be delivered viacommunications network 18. End users 12 may review data (such asperformance characteristics) associated with a particular commodity,stock, or market in order to take a position (execute a trade) in anygiven financial target. Alternatively, end users 12 may represent anyobject that seeks to initiate a communication on behalf of anotherentity or element, such as a program, a database, or any othercomponent, device, element, or object capable of initiating a voice or adata exchange within financial system 10. Note also that “data,” as usedherein in this document, refers to any type of numeric, voice, or scriptdata, or any other suitable information in any appropriate format thatmay be communicated from one point to another.

End user 12 may participate in a trade, which represents the legalinstrument that may be used to bind end user 12 to a stipulatedagreement. A trade may take any appropriate form such as a writtendocument, an e-mail, a facsimile message, a computer display, an entryin an account, or a verbal agreement between two parties. Such a tradeis flexible in its terms, representations, and stipulations. In general,any information or data that may be germane or of interest to a tradingparticipant or a hosting entity may be included in a trade, providedthat the included terms are mutually agreeable to the two (or more)parties bound by the trade.

A user interface, which is included within handheld device 11, is anelement that facilitates trading on a selected financial market. A userinterface is operable to receive and to process requests associated withtransactions relating to a trade. A user interface provides a portal forend users 12 to access other elements of financial system 10. A userinterface may be a computer for any person, business, or entity thatseeks to manage or facilitate trading activity. Accordingly, a userinterface may include any suitable hardware, software, devices,components, elements, or objects that may be utilized or implemented toachieve such operations and functions in a financial environment.

Alternatively, a user interface (and the examples thereof) may bereplaced with any other suitable interface or object that facilitatescommunications between end user 12 and any other element withinfinancial system 10, such as: a cellular telephone, an electronicnotebook, a personal digital assistant (PDA), or any other suitabledevice (wireless or otherwise), component, or element capable ofaccessing one or more elements within financial system 10. The end userinterface may also comprise any suitable interface for a human user suchas a display, a microphone, a keyboard, or any other appropriateterminal equipment according to particular configurations andarrangements. In addition, the end user interface may be a uniqueelement designed specifically for communications involving a trade. Suchan element may be fabricated or produced specifically for financialapplications involving end user 12.

A user interface may be owned and operated by any suitable entity havingthe ability and/or authority to operate in the financial industry. Aconnection may be established between a user interface and any otherfinancial exchange (e.g. via financial service provider element 26),whereby information associated with the exchange is delivered to enduser 12 and may be reviewed before executing the transaction. Thus, auser interface may deliver real-time financial data to end user 12 inorder to provide pertinent financial information to be used to makedecisions as to whether to purchase or to sell a given asset. Thisfinancial information may be retrieved from financial market dataelement 30 or any other suitable element. Financial market data element30 may relay data (potentially inclusive of rich media content thatoffers enhanced audio and video streaming information such as pricinginformation, market lines, maturity data, financial graphs and charts,historical quotes, or moving averages, for example) to end users 12.Other pertinent financial data may also be readily delivered and basedon particular needs. In order to deliver information that is accurateand timely, financial market data element 30 may be coupled directly toa corresponding exchange communications link that carries such financialdata. Alternatively, financial market data element 30 may gather suchcritical information from any appropriate location (e.g. a news wire ora server operable to deliver real-time information to investors) suchthat the desired data is delivered to end user 12.

It is critical to note that the term “handheld device” as used herein inthis document encompasses any suitable user interface as well as any ofthe other objects previously identified, which can assist end user 12 inhis financial/trading endeavors. Thus, the term “handheld device” is anall-inclusive term that should be construed broadly to embrace all suchtools and equipment that aid the end user in his activities. Suchhandheld devices may be manufactured by companies such as Dell, Nextel,Motorola, Nokia, RIM, etc.

Currently, handheld units used at floor exchanges must be checked in andout by traders as they enter or leave the trading floor. The usabilityof the handheld is governed by limiting its physical position to withinthe permitted location, i.e. the only way to prohibit trading fromprohibited locations, or by unauthorized persons, is to permit thehandheld to be used only within secure spaces within the exchangepremises. An application of the architecture of the present inventioncan: 1) use the wireless technology to permit activation of the wirelessdevice at permitted trading locations; 2) use secure identificationtechnology to confirm the identify of the user and prohibit use byunauthorized users; and 3) use electronic trading technologies tofacilitate effective use of the wireless unit to engage in marketactivity. The operation of financial system 10 solves the problems thatfloor exchanges face with respect to controlling the use of theirhandheld units. This may be achieved while expanding the geographicareas from which authorized financial market participants mayparticipate in exchange-based or over-the-counter trading of securities.Other applications may include the trading of derivatives, and otherforms of tradable financial instruments and financial or physicalassets, or any other securities, or commodities whose trading isregulated by government bodies, regulatory agencies, or simple industrygroups.

Counterparties may remain anonymous throughout the trading processpursuant to the rules of the marketplace and its credit requirements,while secure and efficient functioning of the marketplace is providedfor trading participants. Note that the provider of data (e.g. eSpeed,Inc.) and regulatory agencies (e.g. the Securities and ExchangeCommission (SEC)) can also benefit from auditing capabilities of thehandheld device. For example, keystroke recordation can be used toverify that end user “John James” logged into his handheld device at9:08 AM (EST), reviewed two news items, and then proceeded to execute atrade, which involved the sale of 10,000 shares of Intel stock. A simplekeystroke logging element may be provided within handheld device 11and/or financial service provider element 26 to achieve this result.

Communications network 18 is a communicative platform operable toexchange data or information between end user 12 and a user interface.Communications network 18 represents an Internet architecture in aparticular embodiment of the present invention, which provides end user12 with the ability to electronically execute or initiate transactionsassociated with a trade. Alternatively, communications network 18 couldbe a plain old telephone system (POTS), which end user 12 could use toperform the same operations or functions. In other embodiments,communications network 18 could be any packet data network (PDN)offering a communications interface or exchange between any two nodes infinancial system 10. Communications network 18 may alternatively be anylocal area network (LAN), metropolitan area network (MAN), wide areanetwork (WAN), wireless local area network (WLAN), virtual privatenetwork (VPN), intranet, or any other appropriate architecture or systemthat facilitates communications in a network or telephonic environment.

Administrator module 22 is an element that cooperates with financialservice provider element 26 in order to ensure a fair and properexecution of transactions initiated by end user 12. Administrator module22 is an optional component of financial system 10. Administrator module22 may be used in certain embodiments to control any operation offinancial service provider element 26. For example, administrator module22 may be used to manually set trading parameters, to approve marginrequests, or to halt specific trading activities. In selected instances,administrator module 22 may call for additional margins throughout theday without waiting for a routine end-of-day settlement. In still otherscenarios, administrator module 22 may be used for more simplisticmonitoring functions or included within financial service providerelement 26, where appropriate.

FIG. 1B is a simplified block diagram of financial service providerelement 26, which may include a processor 42, a memory element 44, and aserver 50 in accordance with one example embodiment of the presentinvention. Financial service provider element 26 is operable to receiverequests from end user 12 and to process those requests such thatfinancial transactions involving a trade are executed. The resultanttrade that is generated may be suitably stored in memory element 44after being properly managed and secured by processor 42. Processor 42may also assist in processing any financial terms or conditionsrequested by end user 12. In cases where financial service providerelement 26 is unable to match the requested financial parameters ortendered trade terms provided by end user 12 with that which isavailable in the marketplace. Financial service provider element 26 maycontact end user 12 and notify end user 12 of the circumstancessurrounding the inability to fulfill such a trade.

Processor 42 may comprise any suitable processor that executes a tradingsystem application or other computer instructions that facilitatetrading. Processor 42 may include an authentication module 48, whichoperates to verify the identity of end user 12. Authentication module 48may utilize global positioning satellite (GPS) or geographic data (orany other suitable location data) stored in a GPS/Geo Map module 49 inconnection with offering simple authentication procedures. In order toexecute optimal authentication procedures, processor 42 may access oneor more end user profiles 54 and server 50. Server 50 may operate toobtain or to receive GPS or geographic information from GPS/Geo Mapmodule 49 associated with a given end user 12 who is seeking to executea trade. Thus, financial service provider element 26 may provide alocation verification component or feature for handheld device 11 viaany number of appropriate modules included within processor 42.

Processor 42 may be a CPU or a microprocessor and include any suitablenumber of processors working together. Processor 42 is generallyoperable to execute various algorithms, computations, or calculations todetermine current trade data. Processor 42 may determine such currenttrade data based on data received from memory element 44 and/orfinancial market data element 30. In addition, processor 42 may updatesuch current trade data based on new information being received fromfinancial market data element 30. In some embodiments, processor 42 mayupdate current trade data in real-time, substantially in real-time, orat preset intervals (such as every thirty-five seconds, for example).

Memory element 44 may comprise one or more memory devices thatfacilitate trading (or that store information relating thereto), such asone or more random access memories (RAMs), read-only memories (ROMs),dynamic random access memories (DRAMs), fast cycle RAMs (FCRAMs), staticRAM (SRAMs), field-programmable gate arrays (FPGAs), erasableprogrammable read-only memories (EPROMs), electrically erasableprogrammable read-only memories (EEPROMs), microcontrollers, ormicroprocessors. Memory element 44 is also generally operable to storedata that may be used by processor 42 such that GPS/Geo Map 49 isunnecessary. Alternatively, GSP/Geo Map module 49 may be any of theabove-identified items such that GPS and/or geographic data are storedand can be accessed.

It should be noted that the internal structure of financial serviceprovider element 26 is malleable and can be readily changed, modified,rearranged, or reconfigured in order to achieve its intended operations.Additionally, the elements included within financial service providerelement 26 may interact in any suitable manner. As identified supra,software may reside in financial service provider element 26 and inhandheld device 11 in order to achieve the teachings of the presentinvention. However, due to their flexibility, these two elements mayalternatively be equipped with (or include) any suitable component,device, application specific integrated circuit (ASIC), hardware,software, processor, microprocessor, algorithm, ROM element, RAMelement, EPROM, EEPROM, FPGA, or any other suitable element or objectthat is operable to facilitate the operations thereof. Considerableflexibility is provided by the structure of financial service providerelement 26 in the context of financial system 10. In this context, theillustrated components of financial service provider element 26 may bedeleted, substituted, replaced, combined, or enhanced in order toachieve the teachings of the present invention.

Memory element 44 of financial service provider element 26 may storeinformation regarding the various types of different trades that may beplaced (and their respective outcomes) in financial system 10. Memoryelement 44 may also store various financial instruments and a pluralityof end-user profiles 54. Memory element 44 may additionally storeinformation associated with a financial instrument number (FIN), adescription of the market(s) that are the subject of the particulartrade, a designated duration/expiry, and a commission (or fee)established for the particular trade. These fields (and others) may bedefined in numerous ways within the scope of the present invention. Forexample, the term ‘expiry’ may refer to a particular closing orsettlement time and/or date for the financial instrument to close, or itmay be based on the events themselves that may be completed at somearbitrary or specific date in the future (e.g. at the closing bell).

Additionally, each end-user profile 54 may include any relevantinformation associated with end user 12, his trading activity, or hisfinances. For example, items such as his account numbers, transactionalhistory, company information, balances, commissions, available funds,and potential debits/credits may be reflected in a profile. End-userprofiles 54 may be pin-accessed by end user 12 (via handheld device 11)or accessed (at the direction of handheld device 11) solely by an entityor administrator authorized to do so.

Financial service provider element 26 may identify an end users'location (e.g. via a GPS system). Location data of the trader can beused in order to control trading activity. Certain zones may bedesignated for trading, whereas other zones may be strictly off limits.For example, trading could be only executed on the trading floor and inthe cafeteria (of an associated building), but strictly prohibited inthe bathrooms and the lobby.

Note that other areas could certainly be designated for tradingpurposes. However, the configuration of such alternative locations issomewhat different as compared to secure trading within the confines ofa given authorized area. For example, if an end user, who is working inManhattan, N.Y., opts to leave the trading floor of the New York StockExchange and grab a coffee at a local coffee shop, he may be providedwith the opportunity to execute a trade once he arrives at the newlocation. Consider an example where the same end user is drinking hismorning coffee and monitoring commodity prices via his handheld device.At some point, a news story breaks that relates to a potential conflictin the Middle East. The trader immediately recognizes that gold pricesare most likely going to rise in the wake of such an announcement. Fromhis current location at the coffee shop, the end user may log into hishandheld device, be properly authenticated, and be permitted to executea trade involving gold. Thus, once the end user departed from hisoffice, he left a secure, managed, and protected network. The system atthe coffee shop is configured in a different manner. The handheld devicemay still access a given network via a suitable access point, but thetraffic may be routed in a different fashion. A secure protocol may beprovided to ensure that the information propagating from the handhelddevice is secure. User name and password entries that are input by theend user could also assist in protecting this traffic flow. Once,properly authorized, the information may propagate in a secure mode to areceiving network, where it can be relayed to financial service providerelement 26.

Hence, the present architecture may allow a party's identity andlocation to be confirmed (e.g. using GPS technology to provide locationdata) before allowing that person to execute a trade. A suitablelocation verification component may be provided in both financialservice provider element 26 and handheld device 11 to achieve suchoperations. If a question exists about whether or not to permit thetrader to execute the trade (particularly in cases where the end userhas roamed outside of the work area, which generally represents a moresecure environment), a simple phone call could be made to the trader toverify the proposed trading activity. The conversation could beconducted as follows:

Speaker 1: “May I speak with John James, this is Darrin Knight fromeSpeed, Inc.”

Speaker 2: “This is John.”

Speaker 1: “I see that you are at a coffee shop on 57th Street and 9thAvenue. I also see that you are about to place a trade for 8,000 sharesof Cisco stock. Is all of that correct?”

Speaker 2: “Yes.”

Speaker 1: “Could you confirm your password for me?”

Speaker 2: “Hoosier.”

Speaker 1: “Correct. Sorry to trouble you, we just wanted to verify thisinformation for your own financial protection. On behalf of eSpeed,Inc., have a wonderful day.”

Note that “tablet” personal computers could readily benefit from theteachings of the present invention. Tablet personal computers generallyallow for wireless communications in a given environment. This, in turn,allows for the ability to be mobile in a work environment withoutcompromising security or anti-hacking protocols. When an end user leavesthe work environment, he generally leaves the secure (e.g. 802.11)platform and enters into any number of network access configurations(e.g. WiMax), which may or may not be as secure. Thus, a trade offexists when an end user roams from a work environment (having specifiedwork boundaries) to another location outside the work domain. In thework environment, an abundance of data may be delivered to the end user,whereby any suitable number of end users can be accommodated. Capacityconstraints and security problems are generally not prevalent in thework environment, as the work environment provides a robust and a safesolution for its associated trading participants. Real-time data mayeffectively propagate to the end user and the end user can confidentlyexecute any financial transaction over a secure connection.

In contrast to this paradigm, when the end user is outside of the workdomain or the “work castle” his actions may be significantly restricted.For example, the end user may not be able to receive all the data thatwas previously being delivered to him. He may only be able to receivemore basic types of data (e.g. current trading prices of a commodity,but not necessarily the bid and offer information). Also, the data maynot be in real-time. In addition, the end user may be limited in thetypes of trades that he is allowed to execute. Any such limitations canbe addressed and resolved by the present invention. Enhanced end usercapabilities may be provided based on specific network arrangements andhandheld device configurations and are readily accommodated byconvenience financial system 10.

Note that in cases where a device is misplaced, stolen, or lost, anadministrator could be contacted to address the situation. Theadministrator could respond by sending a “kill message” to the handhelddevice that effectively disables the device. The kill message may alsobe able to erase all information stored in the handheld device such thatstored information is protected.

Turning to FIG. 2, which illustrates one example embodiment, thecommunications network comprises a cellular network 52. Cellular network52 comprises a plurality of base stations 57, each of which has acorresponding coverage area 60. Base station technology is generallyknown and the base stations may be of any type found in a typicalcellular network. The base stations may have coverage areas thatoverlap. Further, the coverage areas may be sectorized ornon-sectorized. The network also includes handheld devices 11, whichfunction as the financial communication devices used by users to accessthe convenience financial system and to participate in the activitiesavailable on the convenience financial system. Users are connected tothe network of base stations via transmission and reception of radiosignals. The communications network also includes at least onevoice/data switch, which is preferably connected to the wireless portionof the network via a dedicated, secure landline. The communicationsnetwork also includes a financial service provider element 58, which islikewise connected to a voice/data switch 56 via a dedicated, securelandline. The voice/data switch may be connected to the wireless networkof base stations via a mobile switching center (MSC), for example andthe landline may be provided between the voice/data switch and the MSC.

Preferably, in the case of a cellular network for example, theconvenience financial system can be enabled through the use of a privatelabel carrier network. Each base station is programmed by the cellularcarrier to send and receive private secure voice and/or datatransmissions to and from mobile station handsets. The handsets arepreferably pre-programmed with both financial software and the carrier'sauthentication software. The base stations can communicate via PrivateT-1, T-3, or E-1 lines to a suitable switch. A provider generally leasesa private T-1, T-3, or E-1 line, which routes the calls back tofinancial servers controlled by the financial service provider.Encryption can be installed on the telephones if required by a financialregulation authority, such as a financial commission for example.

As shown in another example, which is illustrated in FIG. 3, handhelddevice 11 is in communication with a financial service provider element68 over a mobile carrier network 64. The financial service providerelement 68 can include one or more connections to other platforms orservers, on which are resident various financial and other applications.As shown in FIG. 3, some example financial applications includefinancial exchange and real-time news 70. Each of these applications maybe embodied in one or more modules, be included in financial serviceelement 68, or be provided by some other entity. These applications maybe included in financial market data element 30 or simply provided as alink that may be used by end user 12. It should be understood that theseapplications are not exhaustive and that other applications may exist toprovide an environment to the user that is associated with any of thedescribed or potential convenience activities.

In another example embodiment, as shown in FIG. 4, the communicationsnetwork comprises a private wireless network. The private wirelessnetwork may include, for example, an 802.11x (WiFi) network technologyto cover multiple trading areas 74 that are in a work environment or aresidential/home environment. In FIG. 4, various WiFi networks 71 areillustrated. Networks 71 may use other communications protocols toprovide a private wireless network including, but not limited to,802.16x (WiMax) technology. Further, networks 71 may be interconnectedwhere appropriate. Also, a convenience financial system may comprise acombination of networks as depicted in FIG. 4. For example, there isshown a combination of private wireless networks, a cellular networkcomprising a multi-channel access unit or sectorized base station 72,and a satellite network comprising one or more satellites 46.

The private wireless network may be particularly well suited forfinancial trading needs of location and identity verification for endusers. Alternatively, trading areas enabled by networks 71 may include,for example, a coffee shop 78 and swimming pools, lakes or otherrecreational areas 79. Primary trading areas 74 may include residentialarea 70, offices and restaurants such as might be found proximate towork area 73, adjacent buildings 75, and remote buildings 47, whichcould reflect a branch office located on the other side of town. Theconfiguration of the overall convenience financial system depicted inFIG. 4 is malleable, as it is intended only as an example of the presentinvention.

In one example embodiment, the system architecture for the financialsystem includes:

(1) a wireless LAN (Local Access Network) component, which consists ofmostly 802.11x (WiFi) and/or 802.16x WiMax technologies; robust securityand authentication software; financial software; mobile carrier approvedhandsets with Windows® or Symbian® operating systems integrated within;and

(a) CDMA-technology that is secure for over-the-air data protection;

(b) at least two layers of user authentication, (that provided by themobile carrier and that provided by the financial service provider);

(c) compulsory tunneling (static routing) to financial servers;

(d) end-to-end encryption at the application layer; and

(e) state-of-the-art firewall and DMZ technologies;

(2) an MWAN (Metropolitan Wireless Access Network), which consists oflicensed and license-exempt, point-to-point links, as well as licensedand license-exempt, point-to-multi-point technologies;

(3) private MAN (Metropolitan Access Network) T-1 and T-3 lines toprovide connectivity where wireless services cannot reach; and

(4) redundant private-line communications from the mobile switch back tothe financial server.

Each of trading areas 74 is preferably connected via the MWAN/MAN backto central and redundant financial service provider elements (such asthose described above). For accessing the private wireless networks 71,the handheld devices are preferably WiFi- or WiMax-enabled PDAs ormini-laptops, and do not have to be managed by a third-party partner.

Preferably, the convenience financial system includes a locationverification feature, which is operable to permit or to disablefinancial activities from a remote location depending upon whether ornot the location meets one or more criteria. The criterion may be, forexample, whether the location is within a pre-defined area in whichfinancial activities are permitted by the sponsoring trading entity. Asanother example, the criterion may be whether the location is in ano-trade zone, such as designated bathrooms and lobby areas. Suchassignments of location are arbitrary and, thus, may be variedconsiderably. The location verification technology used in the systemmay include, without limitation, “network-based” and/or“satellite-based” technology. Network-based technology may include suchtechnologies as multilateration, triangulation and geo-fencing, forexample. Satellite-based technologies may include GPS technology, forexample or other suitable protocols that perform the functions outlinedherein.

As previously discussed, the cellular approach preferably includes theuse of at least one cellular, mobile, voice and data network. Forfinancial activities in certain areas, the technology may involvetriangulation, GPS technology, and/or geo-fencing to avoid the potentialfor trades to be made outside proscribed areas. Hence, triangulation maybe used as a method for preventing financial activities from unapprovedlocations. Triangulation may be accomplished, for example, by comparingthe signal strength (from a single handheld device) received at multiplebase stations, each having GPS coordinates. This technology may be usedto pinpoint the location of a handheld device. The location can then becompared to a map or to another resource to determine whether the userof the handheld device is in an unapproved area. Alternatively, GPStechnology may be used for these purposes.

As shown in FIG. 5, the convenience financial system includes aplurality of handheld devices 53, 55, and 56. Handheld device 53 islocated outside a large work domain 88. Work domain 88 may reflect thecase where several work domains have been linked together. Devices 55and 56 are both located inside work domain 88. However only device 56 islocated within geo-fence 87, which is established by the coverage areasof a plurality of base stations 83. Thus, geo-fencing may be used toreadily enable financial activities via handheld device 56. In otherembodiments, handheld devices 53 and 55 may be able to execute trades,but be provided with limited trading capabilities.

Geo-fencing does not specify location: rather, it ensures that a givendevice is within certain boundaries. Triangulation on the other handspecifies a pinpoint, or near-pinpoint, location. For example, as shownin FIG. 5, device 56 is triangulated between three of the base stations83 to determine the location of device 56. Triangulation may be used toidentify whether a handheld device, such as a table PC, a laptop, or aPDA, is located in a specific spot where trading can be authorized.Preferably, the location determination technology utilized inconjunction with the present invention meets the Federal CommunicationCommission's (FCC's) Phase 2 E911 requirements, SEC guidelines, and anyother regulatory agency (domestic or international) laws or regulations.Geological Institute Survey (GIS) mapping may also be utilized tocompare identified coordinates of a handheld device with GIS mapfeatures or elements to determine whether a device is in an area notauthorized for financial activity. It should be noted that any type oflocation verification may be used such as triangulation, geo-fencing,GPS technology, or any other type of location determining technology,which can be used to ensure, or to provide an acceptable level ofconfidence, that the user is within an approved trading area.

In another embodiment, location verification is accomplished usingchannel address checking or location verification using some otheridentifying number or piece of information indicative of which networkor which portion of a network is being accessed by the handheld device.Assuming the utilization of an identifying number for this purpose, thenaccording to one method of location checking, as an example, aparticipant accesses the financial system via a handheld device. Theidentifying number of the handheld device, or of the network componentbeing accessed by the handheld device, identifies the caller'sconnection to the mobile network. The number is indicative of the factthat the caller is in a defined area and is on a certain mobile network.An application may be resident on the handheld device to communicatethis information via the network to the financial service provider. In arelated embodiment, the identifying number or information is passed froma first network provider to a second network provider. For example, auser's home network may be that provided by the second provider, but theuser may be roaming on a network (and in an authorized trading area)provided by the first provider. The first provider passes theidentifying information through to the second provider to enable thesecond provider to determine whether the user is in a defined area thatdoes or that does not allow the relevant financial activity. Preferablythe financial service provider either maintains, or has access to, adatabase that maps the various possible worldwide mobile networksidentifying numbers to geographic areas. The invention contemplatesusing any number or proxy that indicates a network, portion of anetwork, or network component, which is being connected with a handhelddevice. The identifying number may indicate one or more of a basestation or group of base stations, a line, a channel, a trunk, a switch,a router, a repeater, etc.

In another embodiment, when the user connects his handheld device to thefinancial server (e.g. server 50 of financial service provider element26), the financial server draws the network identifying information andcommunicates that information to a financial service provider. Thesoftware resident on the handheld device may incorporate functionalitythat will, upon login or access by the user, determine the user'slocation (based at least in part on the identifying information) andsend a message to the financial service provider.

In connection with any of the location determination methods, thefinancial system may periodically update the location determinationinformation. This may be done, for example, during a financial session,at pre-defined time intervals to ensure that movement of the handhelddevice to an unauthorized area is detected during play, and not justupon login or initial access. Thus, depending on the locationdetermination technology being used, the decision whether to permit,restrict, or prohibit a financial activity may be made at the handhelddevice, at the financial service provider element, or at any of thecomponents of the network being used to transmit information between thehandheld device and the financial service provider element (such as at abase station, for example).

An aspect of the private wireless network related to preventing orrestricting financial activity in unauthorized areas is the placement ofsensors, such as Radio Frequency Identification (RFID) sensors on thehandheld devices. The sensors may trigger alarms if users attempt to usethe devices outside the approved financial areas. Further, the devicesmay be “tethered” to immovable objects in other embodiments (e.g. aboat, a car dashboard, anywhere in an airplane, etc.). Users mightsimply log in to such devices using their ID and password.

In connection with FIG. 6, an example embodiment of a method accordingto the present invention can be described as follows. As discussed,software is preferably loaded on a handheld device and is operable toreceive input data for trading activities. The input data may originateat associated financial software resident on a financial serviceprovider element, or it may be input by the user of the handheld device.The software on the handheld device may be operable to present graphicalrepresentations of any of the other applications described herein.

In the example method shown in FIG. 6, in a first step 600, the handhelddevice is activated. This may take place as a function of turning on aphone, PDA, a laptop, a table PC, or other communication device asdescribed elsewhere herein. Preferably, activation comprises connectingthe handheld device to a private data network. Part of the activationincludes logging in via a device prompt. This may be considered as afirst level of authentication of an end user of the handheld device. Asecond level of user authentication comprises authentication of thehandheld device itself. This may occur, for example, by authenticationof a device by a mobile carrier. A third level of user identificationmay comprise biometrics. Various examples of biometrics may include, butare not limited to, fingerprint identification, photo identification,retina scanning, voice print matching (and voice recognition protocols),etc. Thus, as can be readily appreciated, authorization of a given enduser may be achieved via any suitable element (e.g. a phone ID, a systemID, an application ID, a tradedesk verification mechanism, a user ID, apicture ID, a biometric parameter, etc.) and be accorded various levelsof security.

In a next step 604, the user is presented with the financial or marketenvironment and a tradedesk gateway. The tradedesk gateway can query theend user to execute an electronic or a broker-assisted trade. Inaddition, the financial environment may be presented in various stages.For instance, in a first stage, the financial environment may comprise afinancial summary of all markets where the user is presented withcertain financial options including, for example, specific marketsummaries, specific prices for selected assets (e.g. commodities,stocks, bonds, etc.), current positions, buying power, etc. In asubsequent stage, the user may be presented with optional instances ofthe type of activity selected from the market platform.

In a next step 606, the user selects an activity, such as a particulartype of trade. In step 608, the user is presented with one or moreoptions related to the selected activity. In step 610, the user selectsan option. For instance, at this point, the user might place a buy or asell order on a financial exchange. In step 612, the software residenton the handheld device accepts the option input by the user andtransmits the input data to financial service provider element 26. Instep 614, the financial service provider element 26 acts on the inputdata.

Actions at this point may include, without limitation, determining anoutcome and/or amount, accessing another server and/or softwareapplication, retrieving information, preparing a response to the user,etc. The action of determining an outcome and/or amount might takeplace, for example, if the user is using the device to place trades inconnection with a selected exchange. The action of accessing anotherserver and/or software application might occur, for example, in theevent the user is engaging in a services activity such as accessing newsservices. The action of retrieving information might occur when thefinancial software (resident in financial service provider element 26)is prompted to access another server for the purpose of retrieving acertain type of information requested by the user. Financial serviceprovider element 26 can then prepare a response to the user's input datain step 616. In step 618, the user acknowledges the response and in step620, the user can log out and terminate his session.

Preferably, data is transmitted back and forth during the conveniencefinancial activities between end user 12 and financial service providerelement 26 controlled by the financial service provider. An example ofthe path of communication is shown in FIG. 7. Financial data, such as atrade placed by the user, is transmitted from handheld device 701 (e.g.a PDA, a laptop, etc.) to a base station 702 (or a transmitter in thecase of a private wireless network such as a WiFi or WiMax network).Base station 702 can route the data through data network 703 to a hub ora gateway 704, which in turn routes the data to a financial serviceprovider element 705. Preferably, the communication from handheld device701 to the data network 703 comprises wireless communication. This maybe any type of known wireless communication or any type of wirelesscommunication available in the future. Examples of acceptable wirelesscommunication protocols include CDMA, GSM, and GPRS.

Preferably, the communication from the data network 703 to the gateway704 and to the financial service provider element 705 are conducted oversecure landlines. FIG. 7 is an example communication network only andthe present invention should be understood to cover other networks inwhich data may be transmitted from handheld device 701 to financialservice provider element 705. Preferably, data in response to data beingtransmitted from handheld device 701 to financial service providerelement 705 is transmitted back to handheld device 701 along a pathessentially opposite to the path of the first transmission.

As identified previously, a unique aspect of the present inventionincludes establishing an electronic record of the financial transactionsundertaken by a user. Preferably, this is accomplished by utilization ofa keystroke log, which is an electronic record of all keystrokes made bythe end user. Utilization of a keystroke log in this context also allowsa financial control board or other regulatory authority, access to theelectronic record in a direct manner in order to conduct periodicindependent monitoring of the financial activities conducted over thesystem.

In another embodiment of the invention, as shown in FIG. 8, a ship-basedconvenient trading system is provided. The system preferably comprisespassenger vessel 802, such as a yacht for example. The system includesone or more handheld devices 806 connected to a communication network.The network shown in FIG. 8 comprises a mobile network with basestations 808 connected via a LAN to a base station controller (BSC) 810.BSC 810 is connected via a T-1 or an E-1 interface to a first Very SmallAperture Terminal (VSAT) modem 812, which is in communication with afirst satellite 814. First satellite 814 is operable to transmit andreceive signals from a second satellite 814, which is in communicationwith second VSAT modem 812. Second VSAT modem 812 is in communicationwith a financial service location 816 that includes multiple financialservice provider elements 818. Financial service provider elements 818are coupled to a main database 820. Again, the network configurationdepicted in FIG. 8 is for example purposes only, and otherconfigurations are within the scope of the present invention. Anon-board back office 822 is preferably provided. The office may includeany type of handheld device. In this example, a simple PC is docked onthe boat. Note that such PCs are within the broad scope of the term“handheld device.” Data is communicated by the on-board VSAT modem andtransmitter to the first satellite for relay to the second (preferablyland-based) VSAT receiver and modem. The data is then communicated to aserver and/or centralized database via a mobile station controller (notshown). A similar scenario could involve such trading being executed onan airplane. Such an arrangement is clearly within the broad scope ofthe present invention.

In another example embodiment, the trading system may be used to enablefinancial activities involving multiple wireless users who interact withone another. For instance, the system may enable a trade in which afirst user and a second user are conducting financial activity on thesame transaction in which trades selected by the first user are executedby the second user. Preferably, the financial environment presented onthe handheld devices of both the first and second users will indicatethe existence and activity of the other respective user. In this sense,a broker can be used to proxy the request of the end user.

As described above, the elements and operations listed in FIGS. 1through 8 may be achieved with use of financial system 10 in any numberof contexts and applications. Accordingly, communications capabilities,data processing features and elements, suitable infrastructure, adequatepersonnel and management, and any other appropriate software, hardware,or data storage objects may be included within financial system 10 toeffectuate the tasks and operations of the elements and activitiesassociated with trading. Accordingly, FIG. 1 provides only one exampleof a suitable processing and communications platform from which end user12 may execute trading.

Although the present invention has been described in detail withreference to particular embodiments in FIGS. 1-8, it should beunderstood that various other changes, substitutions, and alterationsmay be made hereto without departing from the sphere and scope of thepresent invention. For example, although the preceding FIGURES havereferenced a number of asset structures that serve as a basis fortrading, any suitable financial instruments, debts, securities, stocks,or commodities may be readily substituted for such assets and,similarly, benefit from the teachings of the present invention.

It is also important to note that the teachings of the present inventionmay be readily imparted to an end user (or a group of end users) suchthat the end user may sign up for (or enlist or enroll in) a chargingplan that includes the operations and functions described herein. Thus,an end user could be enrolled in a charging plan that utilizeslocation-based verification methods in order to achieve appropriatetrading authorization in a network environment. A corresponding bill maysubsequently be generated that reflects such an arrangement. Such anarrangement may be reflected by a simple customer arrangement between afinancial provider and a client. In a similar fashion, an end user couldbe enrolled in a financial policy plan, whereby similar subscribingoccurs and billing ensues. The present invention is replete with suchfinancial arrangements and readily encompasses all such possibilities.

Numerous other changes, substitutions, variations, alterations, andmodifications may be ascertained to one skilled in the art and it isintended that the present invention encompass all such changes,substitutions, variations, alterations, and modifications as fallingwithin the spirit and scope of the appended claims. In order to assistthe United States Patent and Trademark Office (USPTO) and additionallyany readers of any patent issued on this application in interpreting theclaims appended hereto, Applicant wishes to note that the Applicant: (a)does not intend any of the appended claims to invoke paragraph six (6)of 35 U.S.C. section 112 as it exists on the date of filing hereofunless the words “means for” or “step for” are specifically used in theparticular claims; and (b) does not intend by any statement in thespecification to limit his invention in any way that is not otherwisereflected in the appended claims.

The invention claimed is:
 1. An apparatus, comprising: a memory; and atleast one processor configured to: receive via a communications networkan identifier associated with a base station in communication with adevice, the base station being a component of the communicationsnetwork; identify a geographic area associated with the identifier in adatabase; in response to determining that the geographic area associatedwith the identifier is a restricted area, prevent the device fromreceiving real-time trading data and permit limited types of trades; inresponse to determining that the geographic area associated with theidentifier is an allowed area, permit the device to access real-timetrading data and to execute all available types of trades; receive fromthe device a request to engage in a given trade; execute the giventrade, if a type of the given trade is permitted in a current locationof the device; and maintain an audit trail of keystrokes entered via theapparatus.
 2. The apparatus of claim 1, wherein the device comprises atleast one of: a personal data assistant, a laptop, a mobile station, apersonal computer (PC), a mobile phone, a handheld device, and a tablePC.
 3. The apparatus of claim 1, which the given trade includes apurchase or a sale of a financial instrument.
 4. The apparatus of claim1, wherein a designation of the allowed area and a designation of therestricted area are controlled by an entity sponsoring a transaction ofan item.
 5. The apparatus of claim 1, wherein the given trade includes apurchase or a sale of a commodity.
 6. The apparatus of claim 1, whereinthe real-time trading data includes bid or offer information.
 7. Anapparatus comprising: a memory; a network interface configured tocommunicate over a communications network; and at least one processorconfigured to: determine a location of a device; receive via thecommunications network an identifier associated with a base station incommunication with the device, the base station being a component of thecommunications network; identify whether a geographic area associatedwith the identifier in a database is within a first area or a secondarea; in response to determining that the geographic area associatedwith the identifier is within the first area, prevent the device fromreceiving real-time trading data and permit limited types of trades; inresponse to determining that the geographic area associated with theidentifier is within the second area, permit the device to access thereal-time trading data and to execute all types of trades; receive fromthe device, a request to engage in a given trade; execute the giventrade if a type of the given trade is permitted in a current location ofthe device; and maintain an audit trail of keystrokes entered via theapparatus.
 8. The apparatus claim 7, wherein the device comprises atleast one of: a personal data assistant, a laptop, a mobile station, apersonal computer (PC), a mobile phone, a handheld device, and a tablePC.
 9. The apparatus of claim 7, in which the given trade includes apurchase or a sale of a financial instrument.
 10. The apparatus of claim7, wherein a designation of the first area and a designation of thesecond area are controlled by an entity sponsoring a transaction of anitem.
 11. The apparatus of claim 7, wherein the given trade includes apurchase or a sale of a commodity.
 12. The apparatus of claim 7, whereinthe real-time trading data includes bid or offer information.